Late Wed looks like E of 4 and then 5 waves down into a bottom at $38.20 and then 5 up and now 3 back down. Won't have to wait long on this one to see the outcome. Losses will be very small if I get stopped out again.
I bought more and did not set stop .... sensing that the winds is shifting and market sell-off about to commence with yellen signalling that the clueless fed is still on track to raise rate this year. Gambling! lol
Yes I did but then it popped to 39.35 and (inclining) double bottomed to 38.20 so I got back in @1.5x normal position for a weekend hold. These markets look like shit.
I'm using stops - $38.10 will dump half my position.
We need to see some rapid follow though before I get too excited. After all, this has been falling since mid Jan with little relief. It is possible that the dip into the 38s was only 3 of 5 of 5.
Having said that, I do count 5 up off the bottom. The peak into 11 AM was likely w3 and then the drop back to ~40.88 looks like 4 and then the peak to 42.80+ was likely 5.
So tomorrow perhaps we get an A-B-C dip down to $41 and then turn back up. That is what we should expect if a significant bottom is really in. Of course we could also get a deep vee 2nd as well to create an inclining double bottom.
I suspect pretty strongly that Q2 is going to be full of bad earnings reports and that Q3 guidance is going to be down significantly on average. I think we are in a recession right now, even with the gamed numbers from the feds.
Bottom line is that it is way too soon to get giddy but giddy might not be far off.
Did you got stopped out today, captain?
ReplyDeleteI bought more and did not set stop .... sensing that the winds is shifting and market sell-off about to commence with yellen signalling that the clueless fed is still on track to raise rate this year. Gambling! lol
Yes I did but then it popped to 39.35 and (inclining) double bottomed to 38.20 so I got back in @1.5x normal position for a weekend hold. These markets look like shit.
ReplyDeleteI'm using stops - $38.10 will dump half my position.
DOW dropped over 200 pts as I type this .... beautiful!
ReplyDeleteWe need to see some rapid follow though before I get too excited. After all, this has been falling since mid Jan with little relief. It is possible that the dip into the 38s was only 3 of 5 of 5.
ReplyDeleteHaving said that, I do count 5 up off the bottom. The peak into 11 AM was likely w3 and then the drop back to ~40.88 looks like 4 and then the peak to 42.80+ was likely 5.
So tomorrow perhaps we get an A-B-C dip down to $41 and then turn back up. That is what we should expect if a significant bottom is really in. Of course we could also get a deep vee 2nd as well to create an inclining double bottom.
I suspect pretty strongly that Q2 is going to be full of bad earnings reports and that Q3 guidance is going to be down significantly on average. I think we are in a recession right now, even with the gamed numbers from the feds.
Bottom line is that it is way too soon to get giddy but giddy might not be far off.